Before you get a divorce, get a new bank account

 Posted on December 18, 2020 in Divorce

Contemplating the new year’s arrival can make you contemplate your future, so it’s no surprise that a lot of couples initiate divorce proceedings in the new year.

If you’re thinking about getting a divorce in the near future, there’s something you need to do first: Open a new bank account in your name.

Financial games are common in divorce

Financial games are high on the list of “dirty tricks” that people frequently play in a divorce. Having a bank account in your own name can help insulate you from them in the following ways:

• It gives you a safe, secure spot to start building your safety net. You know divorce is expensive, and you need to start putting money away as soon as possible for your needs. A bank account of your own can help you save.
• It keeps your spouse from cutting you off. Hostile, angry spouses have been known to cancel credit and debit cards as soon as a divorce is announced. If you have a bank account in your own name, your spouse can’t leave you completely without funds.
• You can get your paycheck deposits changed. Because you need to separate your finances from your spouse’s finances in a divorce, it’s wise to change your direct deposit information as soon as possible. A new bank account makes that possible.

It’s also wise to start building independent credit. Most banks and credit unions have their own credit cards. If your credit is currently linked to your spouse’s, it’s time to get a card or two in your name alone.

Effectively navigating a divorce takes skill

Divorce is seldom an easy, straightforward process. It’s always wise to make sure that you have an experienced attorney in your corner. When you’re ready to get a divorce, our office is here. Please continue reviewing our website to learn more.